Month: May 2016

Oil Heading for $60OilPrice.comThere is a growing chorus of oil market watchers that see the oil price rally continuing, after rallying more than 80 percent over the past several months. According to Bloomberg, the global chief economist at Standard Chartered Plc says WTI and Brent …

When Will Solar Overtake Oil?OilPrice.comSeveral years ago, when I was working on my book Power Plays, I spent a lot of time thinking about the future of energy. One thing I concluded was that solar power would become one of the world’s most important sources of energy – if not eventually the …

Tiny Oil Kingdom Brunei Moves To Diversify From OilOilPrice.comTo date, Brunei is the fourth-largest producer of crude oil in Asia, pumping 126,000 barrels daily in 2014, with around 90 percent of budget revenues coming from the energy industry. Oil revenues also contribute as much as 60 percent to GDP. With the …

Sakhalin oilfield maintenance to curb exports in Aug – sourcesReutersProduction from Sakhalin-1 comes from the Chayvo, Odoptu, and Arkutun Dagi fields, located off the northeastern coast of Sakhalin Island in Russia’s Far East. Other shareholders in the project include Rosneft, Japanese consortium Sakhalin Oil and Gas …

Chinese Company Makes a Splash in Texas ShaleOilPrice.comIt’s no coincidence the Chinese company has focused exclusively on the Permian Basin. A majority of the play is still profitable at current crude oil price levels, while much of the U.S. oil patch is not. It also contains more oil per acre than any …

U.K. Sees Net Loss on Tax Revenues from North Sea OilOilPrice.comThe government collected £538 million (about US$790.5 million) during the 2015-16 fiscal year, but a change in tax rules and enforcement, coupled with chronically low oil prices, meant more money went out through investments and subsidies, than went in.

Is America’s Vision for Renewal Energy a Mirage?OilPrice.comWe’ve seen it before. Tough talk in the early ’70s for an energy independent America as OPEC’s oil embargo quadrupled the price of petroleum from $2.90 a barrel to $11.65 a barrel. Then, in close pursuit, came the second oil shock of 1980 as the …

Why It’s Still A Great Time To Pick Up Oil StocksOilPrice.comNick Colas, the analyst for Convergex, wrote an interesting piece examining the relationship between oil prices and oil stocks, a solid connection I’ve always relied upon. In essence, Mr. Colas has noticed a relative correlation between oil prices and …

Crude Oil Setting Up For Top And Two-Week CorrectionOilPrice.comEarly in the session, one headline read, “Crude Oil Tops $50 as Supply Worries Subside”. Later in the day after prices weakened, the headline read, “US Oil Settles Under $50 as Supply Worries Resurface”. So I have to conclude that $50 is the magic …

The End Of The Petro-State EraOilPrice.comPity the poor petro-states. Once so wealthy from oil sales that they could finance wars, mega-projects, and domestic social peace simultaneously, some of them are now beset by internal strife or are on the brink of collapse as oil prices remain at …

Iraqi Kurdistan Underpays Two of its Top ProducersOilPrice.comGenel Energy, the largest oil producer in Iraqi Kurdistan said it received an US$11 million payment from the Kurdistan Regional Government on Thursday as compensation for oil and energy purchases in the domestic market over the course of April 2016.

U.S. Oil Rig Count Declining Again After Single-Week ReprieveOilPrice.comThe oil rig count fell again this week from 318 to 316 after last week’s slight reprieve, coming in at the lowest at any point in time since Baker Hughes has been keeping track. The 2-count loss in the number of active oil rigs was offset by an …

What will $50 oil do for share prices?Motley Fool UKOn Thursday, the price of a barrel of Brent Crude topped $50 for the first time since November, briefly reaching $50.22 before dropping back a little. As I write today, the price stands at $48.86. The breakthrough continues a trend that’s been going …

Texas production levels on the riseUPI.comThe Railroad Commission of Texas, the state energy regulator, reported preliminary crude oil and condensate production figures for March at 87.8 million barrels, a 1.1 percent gain from the previous month. Year-on-year, the daily crude oil production …

Oil Supply Concerns Are BackInvesting.comRemember when we had supply concerns in oil? Well it looks like those days are back. Despite high global supplies, demand may now be at the point where it is actually exceeding daily global oil output. Oil prices in Europe have already exceeded $50.00 …

Why $50 Oil Is Here To StayOilPrice.comThat is the million dollar question that the oil markets still do not have a clear answer on. Last year, when oil prices rebounded from $44 per barrel in March to $60 in June, the rig count leveled off. Some drillers even redeployed some rigs, stepping …